Ives decries lack of consistent property tax assessments
Illinois counties are failing in their obligations to reassess property values in their jurisdictions, forcing many residents to overpay on properties that have decreased in value, according to Rep. Jeanne Ives (R-Wheaton).
Ives is demanding an investigation into property valuations for the state’s 102 counties. Property assessments affect how much money school districts can raise and therefore how much state funding they receive. In a press release, Ives said she was spurred by testimony from a Perry County school superintendent who told members of a House committee that his district had not seen assessments in decades.
“It was shocking to hear a veteran school superintendent so casually suggest that his county is willfully ignoring state law,” Ives said in the release. “Property reassessments must be done by law a minimum of every four years. The law is clear.”
According to Ives, many downstate counties randomly select small subsets of properties for reassessment, leading to many homes and businesses being taxed well above their actual value. This can work in the opposite direction as well, Ives contended, noting that some Chicago commercial buildings have been sold at values up to 60 percent over the assessed value they are taxed at.
“If we are going to fix the school funding formula, it is imperative that we also fix the assessment system upon which the school funding formula depends,” Ives said in the release. “School funding across the state will continue to be inequitable and unfair until we deal with this issue.”